UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): June 23, 2014
MEDIACOM LLC
(Exact name of Registrant as specified in its charter)
| New York | 333-82124-01 | 06-1433421 | ||
| (State of organization) | (Commission File No.) | (I.R.S. Employer Identification No) |
1 Mediacom Way
Mediacom Park, NY 10918
(Address of principal executive offices)
Registrant’s telephone number, including area code: (845) 443-2600
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 8.01. | Other Events |
On June 23, 2014, Mediacom LLC announced that its operating subsidiaries received commitments (the “term loan commitments”) for $350 million of senior secured term loans with a final maturity of June 30, 2021 (the “new term loan”).
Subject to customary closing conditions, Mediacom LLC intends to complete and draw the new term loan in the third quarter of 2014 and use the net proceeds to fully redeem its existing 9 1⁄8% senior notes due 2019, which have an aggregate principal amount of $350 million. The new term loan will be made pursuant to the existing bank credit agreement between the operating subsidiaries of Mediacom LLC and the lenders thereto.
The term loan commitments are available until September 16, 2014. Until the new term loan has been completed and funded, a ticking fee will be charged at a rate per annum of: (i) 1.50% of the term loan commitment amount for the period from and including July 18, 2014 to but excluding August 17, 2014; and (ii) 3.75% of the term loan commitments amount for the period from and including August 17, 2014 to but excluding September 16, 2014. If the new term loan has not been completed and funded by September 16, 2014, the new term loan commitments will expire.
A copy of the press release announcing the term loan commitments is being filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits: |
| Exhibit No. |
Description | |
| 99.1 | Press release, dated June 23, 2014 | |
1
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: June 23, 2014
| Mediacom LLC | ||
| By: | /s/ Mark E. Stephan | |
| Mark E. Stephan | ||
| Executive Vice President and Chief Financial Officer | ||
2
Exhibit 99.1
For Immediate Release
Mediacom Communications Announces
$900 Million of Term Loan Financings
Mediacom Park, NY – June 23, 2014 – Mediacom Communications Corporation (“MCCC”) announced today that it raised $900 million of term loan commitments from various lenders for its wholly-owned subsidiaries, Mediacom Broadband LLC and Mediacom LLC. These financings are the latest in a series of transactions arranged this year by MCCC, totaling nearly $1.6 billion, to extend debt maturities, redeem high coupon senior notes and establish a new revolving credit facility.
The details of these new term loans are as follows:
| • | Mediacom Broadband LLC completed a $250 million term loan, with a final maturity of June 30, 2017, and a $300 million term loan, with a final maturity of June 30, 2021, pursuant to the bank credit agreement between the operating subsidiaries of Mediacom Broadband LLC and the lenders thereto. Net proceeds were used to fully repay an existing term loan which was scheduled to mature on January 31, 2015. |
| • | Mediacom LLC received commitments for a new $350 million delayed-draw term loan, with a final maturity of June 30, 2021. Subject to customary closing conditions, Mediacom LLC intends to complete and fund this term loan in the third quarter of 2014 to fully redeem its 9 1⁄8% senior notes due 2019, which have an aggregate principal amount of $350 million. This term loan will be made pursuant to the bank credit agreement between the operating subsidiaries of Mediacom LLC and the lenders thereto. |
“These transactions largely complete the refinancing of significant term loans which were due to mature in January 2015, as well as fund the expected redemption of high coupon senior notes,” stated Mark E. Stephan, MCCC’s Executive Vice President and Chief Financial Officer. “Together with the credit transactions we completed earlier this year, this latest round of financings meaningfully extends our debt maturities, gives greater strength to our balance sheet and places us in the best financial condition in our history.”
About Mediacom Communications
Mediacom Communications is the nation’s eighth largest cable television company and one of the leading cable operators focused on serving the smaller cities in the United States, with a significant customer concentration in the Midwestern and Southeastern regions. Mediacom Communications offers a broad array of information, communications and entertainment services and provides innovative broadband solutions through its Mediacom Business division. Mediacom Communications also sells advertising and production services through its OnMedia division. More information about Mediacom Communications is available at www.mediacomcc.com.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements in this press release and the other risks and uncertainties are discussed in the Annual Report on Form 10-K for the year ended December 31, 2013, for each of Mediacom Broadband LLC and Mediacom LLC.
| Contacts: |
||
| Investor Relations |
Media Relations | |
| Jack P. Griffin Director, Corporate Finance (845) 443-2654 |
Thomas J. Larsen Group Vice President, Legal and Public Affairs (845) 443-2754 | |